The ThunderDragon: Pay To Have An Account? No Way!

15 November 2006

Pay To Have An Account? No Way!

Disgracefully, First Direct have decided to start charging for the ability to have a current account – unless you deposit £1,500 per month, or have a balance of over £1,500. But lots of people can’t do that.

Once one bank starts charging, the others are likely to follow, as The Times reports:

“Financial commentators said that the move would herald a rush by other banks to do the same. NatWest and Lloyds TSB said last night that they had no plans to introduce fees to their current accounts, but refused to rule it out.”

This is ridiculous. Why should we pay to be able to have an account? I don’t understand exactly how banks make their money, but they certainly seem to make enough anyway. Banks in other countries may charge people to have accounts, but I certainly don’t think that we should move in that direction. Banks control all our money, especially with the decrease in the usage of cash. I don’t see why they should get paid to have my money in their bank.

Sources: The Times, BBC

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